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CHINESE PRESIDENT GRANTS AID OF 250 MILLION YUAN AND 200-MILLION-YUAN CONCESSIONAL LOAN

Chinese President Grants
Aid of 250 Million Yuan and 200-Million-Yuan Concessional Loan

According to Sry Thamarong, Minister Attached to Prime Minister, Chinese
government announced to grant aids of 250 million Yuan, equivalent to US$40
million, and concessional loans of 200 million Yuan (US$31 million) for
Cambodia’s development and economic reform. This announcement was made during
over 1 hour meeting between President Hu Jintao and PM Hun Sen on 31 March
2012. This promise is said not to be an exchange for excluding South China Sea
on the agenda of ASEAN Summit to be held on 3rd April since the Chinese
President’s visiting plan to Cambodia had been already prepared for long and
ASEAN’s agendas had also been already set up. PM Hun Sen and President Hu
presided over a signing ceremony on 10 agreements:

1.The exchange of notes on human resource development
project of 5 million Yuan between the two countries’ governments

2.Agreement on technical and economic cooperation
between both governments (grant aid of 250,000 Yuan)

5.Framework agreement on Chinese concessional loan to
Cambodia on Kanghot irrigation development project-phase II (209 million Yuan)
between both countries’ governments

6.Framework agreement on Chinese concessional loan to
Cambodia on Kanghot irrigation development project-phase II (209 million Yuan)
between Cambodia’s Ministry of Economy and Finance and the Export-Import Bank
of China

7.Agreement for buyer on National Road No. 5 Expansion
(55.309 million USD)

8.MoU on Bilateral Cooperation on tourism development
and investment between Cambodia’s Ministry of Tourism and China Development
Bank

9.Agreement on loan transaction between Cambodia’s
Union Commercial Bank and China Development Bank

10.Agreement on Joint Credit for Cambodia Power Plant between CHDG Erdas
Hongjun Electric Power co., ltd and China Development Bank.

On top of this, visiting President Hu said that
China will grant over 2500 million Yuan to support social development in
Cambodia and pledged to increase more trade with Cambodia to reach 5000 million
USD by 2017. In 2011, trade volume between both nations was just 2500 million
dollars.